Energy Metals Limited announced the market following completion of three-dimensional vanadium mineralisation modelling studies of the Bigrlyi uranium-vanadium deposit and the estimation of a new Exploration Target for vanadium. The models include construction of vanadium wireframe volumes for a 100 ppm V2O5 cut-off grade and implicit modelling of vanadium, uranium and calcium mineralisation shells using Leapfrog software. Further details of recent metallurgical test-work, aimed at optimising the co- extraction of vanadium and uranium, are also provided. A program to improve the economics of Energy Metals' Bigrlyi project was initiated this year with a particular focus on studies to enhance the value of vanadium as a by-product commodity in a future Bigrlyi mining operation. Bigrlyi sandstone-hosted uranium-vanadium ores contain vanadium in various mineral forms that can be extracted by conventional acid leaching processes without the need for the extreme conditions required in the processing of more widely known magnetite-hosted vanadium. Bigrlyi uranium-vanadium ores are mineralogically identical to those of the Colorado Plateau district of the USA, which has a decades-long history of co-mining and co-recovery of uranium and vanadium; the extraction and recovery processes of uranium and vanadium from sandstone-hosted deposits are therefore well understood. The predominant industrial use of vanadium, at present, is as a steel strengthening agent; however, the metal has growing future uses in energy storage technologies, particularly redox flow batteries, which is the technology of choice in medium-scale storage of photovoltaically-generated energy. Although the significant price rise in vanadium seen in the latter part of 2018 has not been sustained this year, demand is expected to grow in future years. The current vanadium price is approximately $6/lb V2O5, which is close to the long-term average vanadium price and compares with the current uranium spot price of $26/lb U3O8. The Bigrlyi deposit is hosted in the Mt Eclipse Sandstone of the Ngalia Basin (central Northern Territory) and various sub-deposits from Anomaly-2 to Anomaly-15 are recognised over a strike length of 10 km. In the past, modelling of uranium-vanadium mineralisation at Bigrlyi has been constrained by the uranium distribution resulting in previous vanadium resource estimates being reported on the basis of uranium cut-off grades. In the 2011 Mineral Resource Estimate (MRE), contained vanadium was estimated at 8.9 kilotonnes (kt) V2O5 at 1,197 ppm (500 ppm U3O8 cut-off grade) or 14.0 kt V2O5 at 935 ppm (250 ppm U3O8 cut-off grade). However, it has been recognised since 1989 that a larger halo of vanadium mineralisation surrounds uranium mineralisation and that parts of the deposit are significantly vanadium-rich, yet uranium-poor; these parts of the deposit have not been adequately modelled previously and have potential to contribute significant additional vanadium resources. A program to improve the Bigrlyi deposit mineralisation model was initiated using data from Energy Metals' recently updated and re-verified exploration database. The program involved two phases of work: (1) construction of a vanadium mineralisation wireframe model at the 100 ppm V2O5 cut-off level followed by estimation of a new Exploration Target for vanadium; and (2) development of geologically-constrained vanadium, uranium and calcium mineralisation shell models for the entire Bigrlyi deposit using Leapfrog implicit modelling software to interpolate between known mineralised zones, and to extrapolate along trend lines and to depth. Calcium was included in the modelling as a proxy for calcium carbonate (calcite), to better understand the distribution of acid-consuming gangue. As a first step, drill-hole assay data for V, U and Ca was compiled from Energy Metals' database and composited to 1 metre intervals producing some 25,300 records. A plot of U3O8 versus V2O5 assay results on this basis shows that the Bigrlyi deposit is dominated by vanadium-rich, but uranium-poor intervals ­ in fact 90% of the assayed metre intervals are of this type. Visualisation of this data in 3-dimensions shows that a large halo of vanadium mineralisation surrounds uranium-rich intervals. The halo is characterised by V2O5 values in the hundreds of ppm range (median 200 ppm V2O5) but with low uranium contents. At the 250ppm U3O8 cut-off level the vanadium halo would not be discernible, and it has not generally been considered in previous uranium-focused studies. The assay compilation allows calculation of the median V2O5:U3O8 ratio for Bigrlyi mineralisation, which is 23 for all data and 3.8 for uranium mineralised intervals above the 100 ppm U3O8 cut-off level. The dataset contains a significant number of metre intervals of elevated vanadium content, with over 5% of the dataset falling in the range 0.2% V2O5 to 10% V2O5. Wireframe models of the 3-dimensional vanadium distribution were constructed at the 100 ppm V2O5 cut-off level and are shown in Figures 3 and 4, respectively, for the Anomaly-4 to Anomaly-9 corridor, and the Anomaly-12 to Anomaly-15 corridor. The modelled mineralised volumes are given and show that, on average, the vanadium mineralised volume is more than 3 times larger than the previously estimated mineralisation volume determined on the basis of the 2011 MRE at 100 ppm U3O8 cut-off grade. The modelling results permit the estimation of a new Exploration Target for vanadium in compliance with the JORC 2012 code. The results confirm the significantly expanded scale of vanadium mineralisation at Bigrlyi, compared to previous uranium-focussed results, and the potential to add resources in the future. A particular highlight is the Anomaly 7-to-9 corridor of sub-deposits, in which a vanadium-mineralised volume of more than 8 times the size of the uranium-mineralised volume has been estimated. The Anomaly 7-to-9 corridor is host to a vanadium Exploration Target (ET) of approximately 14 kilotonnes contained V2O5, which represents over 30% of the entire vanadium ET tonnage estimate for the Bigrlyi deposit.